By CountingPips.com
U.S. Non-Manufacturing economic data, released by the Institute for Supply Management, showed that service-sector economic activity edged down in June but expanded for a 19th straight month. The ISM Report On Business index readings for economic activity decreased to 53.3 percent in June from a 54.6 percent level in May. The data failed to surpass economic forecasts which were expecting the ISM index reading to register a slight decline to 53.7 percent. A score in the index that is above 50 is considered to be growth and less than 50 is considered to be contraction.
Economic sectors tracked for June that showed increasing index scores were employment and inventory sentiment while new orders, business activity, supplier deliveries, inventories, imports, prices and the backlog of orders all had percentage point decreases for the month. The new export orders index showed no change in June but is in the middle of a 10 month trend of staying above a 50 score and expanding.
Forex Trading Update: US dollar higher today
The US dollar has been stronger against the other major currencies today in the forex markets while the US stock markets have also advanced. The dollar is higher on the day versus the euro, British pound sterling, Japanese yen, Australian dollar, New Zealand dollar and the Canadian dollar while trading virtually unchanged against the Swiss franc, according to currency data in the US trading session.
US stock markets are currently positive in the US trading session with the Dow Jones industrial average up by over 45 points while the NASDAQ is higher by over 5 points and the S&P500 is currently higher by 1 point.
In commodities, oil has edged down by just $0.20 to stand at $96.69 level while gold futures have increased by $14.20 to trade at the $1,526.50 level.
